Fairborne signs JV deal with Enhance at Clive oil field
2008-08-27 05:21 MT - News Release
Mr. Steven VanSickle reports
ENHANCE ENERGY INC. AND FAIRBORNE ENERGY LTD. ANNOUNCE JOINT VENTURE OIL RECOVERY PROJECT
Enhance Energy Inc. and Fairborne Energy Ltd. have signed a definitive agreement to develop and implement a CO2-enhanced oil recovery project at the Clive oil field in the Leduc and Nisku reservoirs, subject to the terms and conditions outlined in the agreement.
"We are pleased to be working with Fairborne on this significant development in Clive," said Susan Cole, president of Enhance Energy Inc. "This project will provide an anchor field for our CO2 pipeline project in the central Alberta region and we are excited to be at the forefront of developing infrastructure that will allow us to sequester up to 14 million tonnes of CO2 per year at full capacity."
"It is exciting to witness the advancement of this project," said Steven VanSickle, president and chief executive officer of Fairborne. "This will be a great opportunity for Fairborne, Enhance, the province of Alberta and Canada to demonstrate our abilities to implement a world-scale enhanced recovery project, increasing recovery and the economic life of a mature oil field, and creating jobs in the process."
Additional pipeline and enhanced oil recovery regulatory approvals are still required prior to implementation of this project.
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